IT department will bring digital signature to common taxpayer

In order to weed out the hassle of sending by post a hard copy of e-filed return, the Income Tax department has decided to bring in the facility of electronic signatures for taxpayers to endorse their bonafides. The Central Board of Direct Taxes (CBDT), the apex office to formulate policies for the Income Tax department, has decided to...

IT department can ask details even after clearing the assessment

Filing your taxation assessments is only one perhaps the Income Tax legislation. It is equally important to have your assessment completed in the returns filed. After filing I- T returns  , most tax payers don’t bother over it unless they have filed to get a tax refund. Beneath tax laws, most returns are usually summarily assessed underneath section...

Interest rates for PPF and SCSS scheme wef 1 April 2014 notified

Reserve bank of India notified interest rates on PPF scheme as well as Senior citizen saving scheme 2004(SCSS). RBI issued a note dated 21 March 2014 regarding notified of interest rates for PPF and SCSS scheme. Full note is as under. Please refer to our circular RBI/2011-12/359 dated January 20, 2012 regarding interest rates on small savings schemes, wherein it...

ITR V due date for ay 2012-13 and 2013-14 has been extended

There are many taxpayers who have uploaded their Income Tax Returns (without digital signature Certificate) for A.Y. 2OI,z-Lg [filed between 1.4.2012 to 31.10.2013 and for A.Y. 2013-14 [filed between 01.4.2013 to 31.10.2013, but have either not filed the corresponding ITR-V or have filed it with the local Income-Tax Office. ITR-V is accepted only at CPC, Bengaluru by ordinary...

New rules of wealth tax for benefiting landonwers

Most people believe paying income tax on income and filing an IT return by the due date signifies 100% compliance with the laws. However, some taxpayers have no idea of another form regarding direct tax, and that is charged on their particular wealth. Wealth tax is usually a direct tax levied on individuals, Hindu Undivided Family (HUFs) and...

Deductor has the right on interest on excess TDS deposited and refunded by govt.

The object behind insertion of section 244A is that an assessee is entitled to payment of interest for money remaining with the Government which would be refunded. There is no reason to restrict the same to an assessee only without extending the similar benefit to a resident/ deductor who has erroneously deducted tax at source /deducted excess TDS...

Advance tax calculator for financial year 2013-14 and 2014-15

Advance tax is the tax what we need to pay in advance. The second installment liability of advance tax is coming on 15 December. So it is high time for calculating the advance tax liability and pay. You need to pay advance tax only if the taxable amount is more than Rs. 10000 in the financial year. Advance...

State wise Lok Sabha election schedule 2014

India will elect a new Lok Sabha on the one month and nine-day period by April 7 to help May 12, and the results will   be announced on May 16. The world's largest democratic exercise will involve a staggering 814 million voters, an increase associated with some 100 million from 2009 and a sharp rise in the 176...

CBDT has extended last date of filing TDS/TCS statement to 31 March 2014

CBDT has extended last date for filing TDS/TCS statement to 31 March 2014. This extension for Financial year 2012-13( 2nd to 4th quarter) and Financial year 2013-14(1st to 3rd quarter). CBDT issued a circular no. 7/2014 dated 4 March 2014 regarding this extension. Full circular is as under. Sub: Ex-post facto extension of due date for filing TDS/TCS...

Interest rate on FD post office hiked by 0.2% PPF rate unchanged

A  day ahead of Lok Sabha polls announcement, the government today decided to hike interest rates on fixed deposit schemes made available from post offices by around 0. 2 %. The interest rate on popular PPF (public provident fund) has, however, been retained unchanged at 8. 7 %. New interest premiums on small savings schemes can come into...

Direct to account facility for foreign Inward remittance

Reserve bank of India issued a circular no. 110 dated 4 March 2014 about money transfer service scheme-direct to account facility for foreign inward remittance. Full scheme and circular is as under.  Attention of Authorised Persons, who are Indian Agents under Money Transfer Service Scheme (MTSS) is invited to Para 4.4 (e) Payment to Beneficiaries of Annex II...

RBI notification on witdrawal of all old series note prior to 2005

Reserve bank of India issued a notification on 3 March 2014 about withdrawal of old series notes prior to 2005. Full note is as under. Please refer to our circular DCM (Plg) No. G-17/3231/10.27.00/2013-14 dated January 23, 2014 on the captioned subject which was followed by a Press Release on January 24, 2014 (copy enclosed). 2. On a...

FAQs on currency notes pre-2005

From April 1, you may check the notes year while receiving from others. It is because RBI notification to stop in circulation the notes pre-issued year 2005. Moreover you will see the people in queue for exchanging notes pre-2005. RBI issued a notification on January 22 that pre-2005 notes lacked the enhanced security features and will be stopped...

Cash withdrawal and redeposit after 3 years is not valid u/s 69

Where Assessing Officer issued on assessee a notice under section 142(1) on 30-8-2007 calling upon him to furnish return for assessment year 2005-06, in view of insertion of proviso in clause (i) of section 142(1) by Finance Act, 2006, with retrospective effect from 1-4-1990, said notice was issued well within period of limitation Where assessee had made cash...

Claim is genuine if purchase is made by account payee cheques

Where assessee, a builder, purchased cement from one party by account payee cheques at rates which were reasonable as compared to rates paid to other parties, assessee's claim for deduction in respect of said expenses was to be allowed under section 37(1) Where assessee in support of payment of labour charges, brought on record documentary evidence such as...

How PAN can validate in TRACES

In our continuous endeavor to enhance end-user functionalities, we are glad to bring to you the convenience of online facility of PAN Verification on TRACES. With this feature, you will be able to validate the PANs with confidence for the purpose of recording and reporting your transactions in the TDS statements correctly.     To avail the facility, it...